Subsequent events

On 7 May 2026, the Company announced that it had, on 7 May 2026, issued and allotted an aggregate of 30,000,000 new Shares in the capital of the Company pursuant to the exercise of 30,000,000 options granted under the Annica Employee Share Option Scheme to employees of the Group, at the exercise price of S$0.001 per new Share. Following the issuance of the new Shares, the Company&rsquo s total number of issued Shares increased from 21,027,148,000 to 21,057,148,000.

On 13 May 2026, the Company announced that the Group had, on 12 May 2026, completed the disposal of 600 ordinary shares in the capital of PJM, representing 60% of the total issued and paid-up share capital of PJM. 

Updates on the efforts taken to resolve each outstanding audit issue.

The Company refers to the qualified opinion issued by the Company' s independent auditor as set out in the independent auditor&rsquo s report dated 15 April 2026 which is contained within the Company&rsquo s annual report for FY2025. The basis for the qualified opinion is in relation to (i) valuation of property, plant and equipment, and (ii) impairment assessment of amount due from a subsidiary.

As at the date of this announcement, the Group is in the process to obtain the operating licence from the local authorities to operate the vertical automatic waste-tyre pyrolysis production lines referred to in the basis for the qualified opinion. The approval of an operating licence from the local authorities is required to recommence commercial operations of the production lines, and the conditions to be satisfied by the Company before such a licence is to be issued. The Company will make further announcement(s) as and when there are material developments.

A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next operating period and the next 12 months.

Southeast Asia&rsquo s energy sector remains poised for growth, with renewables and hydrogen gaining momentum under net-zero commitments and policy support. Key initiatives such as Malaysia&rsquo s HETR, Sarawak&rsquo s SHER, and Indonesia&rsquo s RUEN align closely with the Group&rsquo s focus on green hydrogen, hybrid microgrids, solar-hydrogen solutions, and off-grid resilience. The oil & gas sector maintained strong emphasis on cost discipline and capital efficiency, resulting in a competitive environment for service providers. Supply chain challenges for key renewable components persist, prompting localisation and procurement diversification.

The renewable energy business under H2 Energy continues to gain commercial traction following its maiden contribution of S$250,000 in FY2025. The Group is pursuing opportunities in off-grid and hybrid systems, hydrogen-based power applications, rural and industrial electrification, and circular economy projects, which position it favourably for ASEAN&rsquo s longterm energy transition.

The Group&rsquo s customers continue to favour cost-effective, regionally established providers amid ongoing uncertainty. The Rights Issue exercise of the Company is expected to raise S$5.7 million based on the maximum subscription scenario by Q2 2026. Proceeds (to be received in cash) will strengthen working capital, support projects, and improve balance sheet resilience. The divestment of the Group&rsquo s 60% interest in the Brunei entity, which was completed on 12 May 2026, further supports capital redeployment. Across its markets, the Group continues to prioritise cost optimisation, localisation, strategic partnerships, and disciplined capital management.

Management is actively evaluating M& A opportunities in legacy oil & gas services as well as renewable and green technology sectors to enhance recurring revenue, diversify exposure, and expand across Singapore, Malaysia, Indonesia, and Thailand. The Group operates in a volatile geopolitical environment marked by supply chain disruptions and tensions in Ukraine and the Strait of Hormuz. These create risks such as cost pressures, delays, and margin compression, but also opportunities in energy security, renewables, and decentralised solutions. The Group is mitigating risks through procurement diversification and operational flexibility.

Looking ahead, near-term conditions are expected to remain challenging amid cautious oil & gas spending and margin pressures. However, ASEAN&rsquo s energy transition agenda offers meaningful opportunities. Notwithstanding Q1 losses and the NTL position, the Board and Management consider the Group a going concern, supported by the order book, upcoming tyre recycling operations, renewable contract pipeline, rights issue proceeds, shareholder backing, and continued cost discipline.

With a clearer focus and streamlined asset base, the Group is positioned to pursue sustainable growth aligned with decarbonisation trends. Over the next 12 months, the strategy will focus on strengthening the balance sheet and liquidity, scaling renewable and circular economy businesses, improving recurring revenue visibility, enhancing regional integration, and pursuing strategic acquisitions and partnerships. Management remains cautiously optimistic of navigating current uncertainties while building long-term shareholder value through ASEAN&rsquo s accelerating energy transition.

COMPLETION OF THE PROPOSED DISPOSAL

Further to the Announcement, the Board wishes to announce that the Disposal has been completed on 12 May 2026.

The Board further wishes to clarify that the transfer of the Sale Shares was effected on 28 March 2026, following completion of the relevant transfer procedures and filings. The period between 28 March 2026 and Completion was primarily attributable to completion of administrative procedures, documentary updates and the obtaining of the relevant approvals and confirmations from the authorities, in relation to the transfer of the Sale Shares.

Pursuant to the Completion, the Purchaser has paid an aggregate cash consideration of S$488,000 to P.J. Services for the Disposal. Following Completion, P.J. Services has ceased to hold any equity interest in PJM and PJM has ceased to be a subsidiary of the Company with effect from 28 March 2026.

Management Had Chosen To Release The Good News During The Corporate Actions Period. More Juicy Announcement To Be Made In Coming Weeks, Stay Tuned!

NOTICE OF RECORD DATE FOR THE RIGHTS ISSUE

NOTICE IS HEREBY GIVEN that the Register of Members and the Share Transfer Books of the Company will be closed at 5.00 p.m. (Singapore time) on 3 June 2026 (the &ldquo Rights Issue Record Date&rdquo ) for the purposes of determining the provisional allotments of Rights Shares to Entitled Shareholders under the Rights Issue, which comprises Entitled Depositors and Entitled Scripholders.

The Shares will trade on a &ldquo cum-rights&rdquo basis on the Catalist of the SGX-ST up to 5.00 p.m. (Singapore time) on 29 May 2026. The Shares will trade on an &ldquo ex-rights&rdquo basis from 9.00 a.m. (Singapore time) on 2 June 2026 and any person who purchases Shares on and from 2 June 2026 will not be entitled to any provisional allotment of Rights Shares under the Rights Issue.